Australia’s 2022-23 federal budget presents opportunities for Australian innovators and researchers in both the private and academic space to commercialise their intellectual property assets.
The key measures in Australia’s 2022-23 federal budget that could help drive innovation, research commercialisation and business growth, along with related digital technology and employee share scheme initiatives.
The budget contained a range of measures to support Australia’s innovation agenda and ongoing business-led growth, including:
- Extension of the patent box regime to the agriculture and low emissions technology sectors to underpin innovation.
- A $2.2bn economic accelerator program to progress research past the initial stages of high risk and uncertainty, and into thriving businesses.
- $988m to support university research commercialisation by driving university and industry collaboration, workforce mobility and research translation.
- Investment in apprentices in critical roles.
- Reduced red tape for foreign investment.
- Expanding employee share schemes to make our innovation industries attractive internationally.
The budget also featured investments into industries and regions that are likely critical in ensuring the country’s future prosperity, including space, critical minerals, advanced manufacturing, and regional and Northern Australia.
The key innovation announcement is the expansion of the proposed new patent box regime to not only the low emissions technology sector but also to the agricultural sector, with effect from 1 July 2023.
The Government has also announced key initiatives such as a 120% deduction for digital investment through a Technology Investment Boost and a 20% reduction in external training costs through a Skills and Training Boost – targeted at small and medium businesses (an annual turnover of less than $50 million) to help the transition to increased digital operations.
